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Envolvimento dos conselhos de administração na estratégia das organizações; Involvement of boards of directors in the strategy of the organizations

Muritiba, Sérgio Nunes
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 04/06/2009 Português
Relevância na Pesquisa
76.31%
Esta tese tem o objetivo de analisar o envolvimento do conselho na estratégia com relação ao perfil do conselho de administração e ao grau de internacionalização das empresas. Para isso, foi realizado um levantamento quantitativo com 38 conselheiros de empresas listadas na BMF&Bovespa e classificadas nos níveis diferenciados de governança corporativa. Dentre o total de 150 empresas listadas nos níveis diferenciados, a amostra do estudo foi de 25,3%. Os resultados mostraram que, nas empresas listadas nos níveis diferenciados de governança, o conselho de administração tem elevado envolvimento nas estratégias. Isso se comprovou pelas hipóteses do estudo, que mostraram que o conselho se envolve mais nas atribuições estratégicas do que nas demais. Eles também se envolvem mais nas premissas (em primeiro lugar) e na formulação (em segundo) do que nas demais etapas da gestão estratégica, a implementação e o controle. Os conselhos de administração dessas empresas também estão muito envolvidos com as decisões de competitividade global, mesmo aqueles nas empresas que não estão em alto grau de internacionalização. Destacou-se que decisões de maior impacto financeiro são as que tem maior envolvimento do conselho. Outras decisões...

Os papéis do Conselho de Administração em empresas listadas no Brasil; The role of the board of directors of listed companies in Brazil

Azevedo, Sandra Maria Guerra de
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 20/08/2009 Português
Relevância na Pesquisa
76.31%
Nesta pesquisa descrevem-se e exploram-se pela primeira vez os papéis de controle, direcionamento (estratégia e política) e prestação de serviços dos Conselhos de Administração (CAs) e sua relevância no sistema de governança corporativa nas empresas listadas na BOVESPA. Estuda-se, ainda, também pela primeira vez, de um lado a relação entre os papéis do CAs e a estrutura e tipo de propriedade, tamanho e idade da empresa, determinantes da qualidade de governança no nível do CA e de outro a relação entre os papéis e a participação de investidores institucionais. Os resultados, dada a concentração da amostra, são principalmente aplicáveis às empresas listadas no Novo Mercado ou que emitem ADRs na Bolsa de Nova Iorque. No estudo quantitativo, de caráter descritivo e correlacional, considerou-se uma amostra não probabilística, por conveniência composta por 65 empresas listadas e 122 administradores. O Modelo de Equações Estruturais foi usado inicialmente, mas suspeitas sobre sua adequação levaram a um segundo modelo - o Modelo de Equações Simultâneas. Devido à ausência de dados, o modelo estatístico acabou por utilizar um total de 88 observações. Os CAs em grande parte são dominados pelos acionistas controladores. A participação de conselheiros independentes ainda está abaixo da recomendação das melhores práticas e a presença de acionistas minoritários nos CAs é pequena. O acúmulo dos cargos de presidente do conselho e presidente executivo não é um problema maior...

Características e competências dos conselhos de administração de bancos brasileiros e sua relação com seu desempenho financeiro; Features and powers of the boards of directors of brazilian banks and their relationship with their financial performance; Características y competencias de los consejos de administración de los bancos brasileños y la relación con su desempeño financiero

Martins, Orleans Silva; Mazer, Lílian Perobon; Lustosa, Paulo Roberto Barbosa; Paulo, Edilson
Fonte: Universidade Regional de Blumenau Publicador: Universidade Regional de Blumenau
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
66.09%
Este estudo teve como objetivo identificar as principais características e competências dos conselhos de administração dos bancos brasileiros e relacioná-las com seus desempenhos financeiros. Fundamentando-se na Teoria da Agência, foi levantado um referencial acerca do conselho de administração das empresas brasileiras e de sua relação com o desempenho financeiro e a governança corporativa dessas organizações. Nesse sentido, realizou-se um estudo comparativo junto às 28 empresas integrantes do segmento Bancos da BM&FBovespa, por meio de suas informações financeiras dos anos de 2008 e 2009. Foram coletados dados a partir de suas demonstrações financeiras, relatórios de administração, estatutos sociais e atas de assembléias gerais, os quais foram tabulados e analisados no intuito de se traçar tendências. Seus resultados sugerem que as principais características que afetam o desempenho financeiro dos bancos são: a quantidade de membros do gênero feminino que esse conselho possui, o fato de possuir representante dos empregados e membro estrangeiro e o prazo de mandato ser superior a três anos. As competências que apresentaram relações com os desempenhos financeiros das companhias foram: fiscalizar a gestão dos diretores...

O governo das sociedades e desempenho das sociedades anónimas portuguesas

Cunha, Vera Lúcia Mendes da
Fonte: Universidade do Minho Publicador: Universidade do Minho
Tipo: Dissertação de Mestrado
Publicado em 10/07/2006 Português
Relevância na Pesquisa
66.16%
Mestrado em Contabilidade e Administração; The activity of boards of directors is one of the main aspects of the debate on the efficiency of the corporate governance mechanisms that has been running in the last years. This work seeks to contribute to that debate by analyzing whether the characteristics and working of boards of directors correlates with various measures of the long-term performance of large Portuguese firms, during the period of 2001-2003. In particular, we built a sample including both public (listed in the Euronext Lisbon) and private firms. The board of directors variables used are the board independence, board size, separation of chairman and chief executive officer positions and executive remuneration. The empirical evidence comes from multiple regression models, suggesting, both in public and private firms, that firms perform better when the remuneration of the executives is linked to the results. We find empirical evidence on the negative effect of the size on firm performance for public firms. We also find that public firms with more independent members on the board do not perform better than other firms. In addition, we report that higher profitability private firms normally have different people in charge of chairman and chief executive officer positions.; Nos últimos anos...

A influência da cultura na presença das mulheres nos conselhos administrativos nas maiores empresas europeias

Marques, Soraia Raquel Lopes
Fonte: Instituto Universitário de Lisboa Publicador: Instituto Universitário de Lisboa
Tipo: Dissertação de Mestrado
Publicado em //2014 Português
Relevância na Pesquisa
66.27%
Dissertação submetida como requisito parcial para obtenção do grau de Mestre em Contabilidade / JEL Classification: G34, M14; Atualmente a fraca representação do género feminino nos Conselhos de Administração é cada vez mais uma realidade abordada pelas entidades reguladoras europeias. Assim, com o objetivo de diminuir este cenário a Comissão Europeia pretende impor uma quota mínima, 40% dos cargos de administradores não-executivos de grandes empresas europeias cotadas, sejam mulheres. A presente dissertação pretende investigar a relação entre as variáveis da cultura criadas por Hofstede (1991) e a presença das mulheres nos conselhos de administração. Os resultados da análise empírica revelam que a percentagem média de mulheres nos conselhos de administração é mais elevada nos países onde os interesses coletivos estão acima dos interesses individuais, concluiu-se que o poder de aceitação de superiores hierárquicos é mais baixo quando o Conselho de Administração é constituído por um elevado número de mulheres. Os resultados estatísticos revelam que nos países que têm pouca capacidade para lidar com o incerto é onde a percentagem média de mulheres é mais elevada. Existe menos mulheres nas empresas localizadas nos países com maior tendência para poupar e investir. É nos países onde os indivíduos não se avaliam pelos bens materiais e aproveitam o tempo livre que a média de percentagem de mulheres é mais elevada no Conselho de Administração. As sociedades focadas na competição entre os indivíduos é onde existe menos mulheres nos conselhos de administração...

Corporate Governance Country Assessment : Republic of Korea

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
66.03%
Since 1998, Korea has taken important steps to address the weaknesses that contributed to the economic crisis of 1997. The corporate governance framework has been strengthened significantly. The reform agenda, however, remains unfinished and the equity markets relative to other OECD countries remain underdeveloped. There has been good progress in upgrading accounting and auditing standards and practices, as well as strengthening underlying institutions responsible for setting standards and ensuring compliance. The Financial Supervisory Commission/Financial Supervisory Services have been established, and the role of the Korean Institute of Certified Public Accountants has been strengthened. Efforts should continue to further improve accounting standards and improve accounting and auditing practices, and include measures to clarify and strengthen the role and function of audit committees consistent with international best practices; replace statutory auditors with audit committees for smaller companies over time; and upgrade the skills and knowledge of audit committee members. While holding companies are allowed...

Designing Performance: The Semi-Autonomous Revenue Authority Model in Africa and Latin America

Taliercio, Robert Jr.
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Português
Relevância na Pesquisa
65.97%
During the past decade, diverse developing countries have introduced radical reforms in their collection of taxes. In more than 15 countries, traditional tax departments have been granted the status of semiautonomous revenue authorities (ARAs), which are designed with a number of autonomy-enhancing features, including self-financing mechanisms, boards of directors with high-ranking public and private sector representatives, and sui generis personnel systems. The author addresses gaps in the public management and tax administration literatures by closely examining ARA reforms in Kenya, Mexico, Peru, South Africa, Uganda, and Venezuela from their inception to the early 2000s. Using the comparative case study method, he tackles three questions. First, what has motivated the wave of ARA reforms over the past decade? The author argues that from a public management perspective, reformers intended to use autonomy to enhance bureaucratic performance in low-capacity public sectors. Second, is there a connection between autonomy and performance? Focusing on revenue collection...

Governance of Indian State Power Utilities : An Ongoing Journey

Pargal, Sheoli; Mayer, Kristy
Fonte: Washington, DC: World Bank Group Publicador: Washington, DC: World Bank Group
Português
Relevância na Pesquisa
76.12%
By the late 1990s, the technical and financial performance of the power sector in India had deteriorated to the point where the Government of India had to step in to bail out the state utilities, almost all of which were vertically integrated state electricity boards (SEBs). Considering that the dismal performance of state utilities reflected internal and external shortfalls in governance, the new Electricity Act of 2003 (EA 2003) mandated the unbundling and corporatization of the SEBs, along with the establishment of independent regulators. This was expected to bring about a more accountable and commercial performance culture, with concomitant results in improved utility performance. The rest of this review is organized as follows. Chapter two summarizes the institutional context and relevant developments over the past two decades. Chapter three focuses on the corporate governance agenda adopted by the government and its implementation, specifically relating to the structure and functioning of utility boards of directors. Chapter four reviews SERC regulatory governance. Chapter five analyzes the correlation between key indicators of the quality of regulatory and corporate governance and utility financial performance. And chapter six concludes.

Jordan Corporate Governance Regulations

Jordan Institute of Directors
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Trabalho em Andamento
Português
Relevância na Pesquisa
65.95%
As the importance of Corporate Governance increases, an awareness and understanding of the different relevant regulations becomes of paramount value. The importance and value of Corporate Governance is not the core of this publication. The publication is built around the premise that Corporate Governance is important and increasingly becoming of significant importance for growth, continued success and sustainability. Accordingly, this publication aims to identify, highlight and summarize the different codes of Corporate Governance along with other relevant regulations that impact Corporate Governance that are available in Jordan. The authors intend to address the different codes with respect to the principles of Corporate Governance as defined by the Organization of Economic Cooperation and Development (OECD); namely: ensuring the basis for an effective Corporate Governance framework; the rights of shareholders and key ownership functions; the equitable treatment of shareholders; the role of stakeholders in Corporate Governance; disclosure and transparency; and the responsibilities of the Board. This comparative study will provide an overview of how each code (or relevant regulation) addresses the different principles and to what extent. Since certain Corporate Governance practices tend to overlap across different principles and cover broad practices...

Aufsichtsräte deutscher Aktiengesellschaften: Zusammensetzung, Interventionsaktivitäten, Performance; Supervisory Boards of German Corporations: Composition, Interventions, Performance

Vetter, Karin
Fonte: Universidade de Tubinga Publicador: Universidade de Tubinga
Tipo: Dissertação
Português
Relevância na Pesquisa
66.07%
Den Aufsichtsräten innerhalb des deutschen Corporate Governance Systems ist in den letzten Jahren erhöhte Aufmerksamkeit zugekommen. Es wurden Empfehlungen und gesetzliche Vorschriften formuliert, die die Zusammensetzung des Aufsichtsratsgremiums sowie dessen Tätigkeiten betreffen. Diesem Reformprozess steht ein Mangel an wissenschaftlichen Studien zu Aufsichtsräten in deutschen Unternehmen gegenüber. Vor dem Hintergrund der aktuellen Entwicklungen und der angesprochenen Forschungslücke leistet die vorliegende Arbeit einen Beitrag dazu, dualistische Aufsichtsräte in Deutschland näher zu beleuchten. Nach der Einführung widmet sich Kapitel 2 der Frage, wie deutsche Aufsichtsräte hinsichtlich ihrer fachlichen Qualifikation und ihrer demographischen Merkmale zusammengesetzt sind und welche systematischen Unterschiede bei der Zusammensetzung der Aufsichtsräte bestehen. Darauf aufbauend befaßt sich Kapitel 3 mit den Einflussfaktoren, die die Heterogenität der Aufsichtsratszusammensetzung bestimmen. Im Detail analysiert Kapitel 3, inwiefern die Größe des Unternehmens die Heterogenität der Aufsichtsratszusammensetzung hinsichtlich fachlicher und demographischer Eigenschaften beeinflußt. Die Effekte einer unterschiedlich heterogenenen Aufsichtsratszusammensetzung auf die Aufsichtsrats- sowie die Unternehmensperformance sind Kern von Kapitel 4. Der Zusammenhang zwischen Aufsichtsratsheterogenität und Aufsichtsrats- bzw. Unternehmensperformance wird zunächst allgemein untersucht...

The grounding of the "flying bank"

Hermann, A.; Rammal, H.
Fonte: Emerald Publishing Group Limited Publicador: Emerald Publishing Group Limited
Tipo: Artigo de Revista Científica
Publicado em //2010 Português
Relevância na Pesquisa
65.97%
Purpose – The purpose of this paper is to demonstrate the importance of effective, knowledgeable and accountable management and board structures in business organisations. Using the case of Swissair, the paper aims to demonstrate the importance of competent industry knowledgeable executive boards, with regard not only to company profits and sustainability but also to stability and socially responsible decision making. Design/methodology/approach – An explanatory and descriptive case study approach was undertaken utilising historical data and literature-based information and research on Swissair. The analysis of the case is guided by the use of the Resource Dependence and Group Conformity theories. Findings – The findings suggest that the alliance and acquisition strategy pursued by Swissair's management and the lack of leadership and accountability by the CEO and Chairman of the board were the main contributing factors to the company's collapse. Practical implications – The implications include impacts on the way in which European organisations are governed and the composition of the management teams and Board of Directors. Additional implications include changes to the legislation in Europe, more specifically Switzerland and the European Free Trade Alliance...

Letter to the Panama Canal Commission Board of Directors from McMillan, Robert R.

Fonte: Universidade da Flórida Publicador: Universidade da Flórida
Tipo: mixed material Formato: 11" x 8.5"
Português
Relevância na Pesquisa
75.91%
Letter informing Board of Directors of McMillan, Robert R.'s replacement Nahmad, Albert H. in addition as his wishes for the future actions of the board.

Corporate Governance Country Assessment : Arab Republic of Egypt

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Corporate Governance Assessment (ROSC); Economic & Sector Work
Português
Relevância na Pesquisa
76.04%
Egypt's corporate governance system is framed by French civil law for corporations. Sharia law has no direct influence on corporate governance. Anglo-American influence is prevalent in the securities depository law and the new capital markets law shortly to be introduced to Parliament. There is one stock exchange with two trading floors: The Cairo and Alexandria Stock Exchange (CASE) which has three tiers. Eighty seven percent of listed companies are trading on the second or third tier (unofficial exchange). Interest in corporate governance is rising - the draft capital markets law includes a chapter on minority shareholders rights. This Report on the Observance of Standards and Codes benchmarks the Egyptian corporate governance system against the OECD Principles of Corporate Governance; according to the Financial Stability Forum, one of the twelve core standards underpinning the international financial architecture. The assessment highlights a number of areas where Egypt's corporate governance system needs strengthening. These can be grouped under six headings: disclosure of ownership and control structures; disclosure of financial and non-financial information; training and capacity building for regulators and the private sector; role and effectiveness of shareholders' meetings; practices of boards of directors; and...

Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Bulgaria

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Corporate Governance Assessment (ROSC); Economic & Sector Work
Português
Relevância na Pesquisa
76.19%
Market capitalization of the Bulgarian Stock Exchange is low at four percent of gross Domestic Product, having fallen from a peak of seven percent in 1998. Similarly, market turnover remains low, even by the standards of transition economies. However in recent years, Bulgaria has made substantive concrete improvements in its legal and regulatory framework, in part in preparation of accession to the European Union. The Bulgarian National Securities Commission was established in 1996 and subsequent amendments to both the commercial and securities legislation strengthened the corporate governance framework. In particular, the 2001 revisions and amendments adopted in June 2002 substantially strengthened shareholder rights for "public" companies. In addition, proposed additional amendments will ensure pre-emptive rights of existing shareholders and will require legal entities to disclose both direct and indirect ownership interests in Bulgarian companies, where such interests are at five percent or more of the company. The assessment recommends three additional areas of improvements: 1) Amend the Commercial Law to establish a minimum quorum for shareholders' meetings and strengthen the duties of members of (supervisory) boards of directors. 2) Encourage private sector organizations and business associations to prepare a corporate governance code...

Uruguay : Report on the Observance of Standards and Codes (ROSC), Corporate Governance Country Assessment; Uruguay - Informe sobre el cumplimento de normas y codigos (ROSC) : evaluacion nacional de la gobernanza corporative

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Corporate Governance Assessment (ROSC); Economic & Sector Work
Português
Relevância na Pesquisa
76.16%
This report provides an assessment of Uruguay's corporate governance policy framework, enforcement, and compliance practices. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Uruguay. The paper discusses Uruguay's recent advances in financial and economic stability have given rise to an adequate basis for capital markets deepening and growth. However, these initial advances were jeopardized by a series of defaulting securities issuers and the 2002 financial instability episode which led to a perception of high risk and unpredictability of capital markets. The report then identifies several key steps to take in order to set strong corporate governance efficiency in the state owned financial sector. These steps include: improving corporate information, particularly ownership disclosure, related party transactions procedures, and financial reporting; promoting effective and active boards of directors; strengthening institutions, including the securities regulator, and the companies registry; and modernizing securities markets by strengthening intermediation and related regulations.

Strengthening the Governance and Performance of State-Owned Financial Institutions

Scott, David H.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
75.97%
Corporate governance arrangements define the responsibilities, authorities and accountabilities of owners, boards of directors, and executive managers of a company. Good corporate governance is as important for state financial institutions as for private sector companies. Many of the problems that commonly afflict state financial institutions can be associated with, if not attributed directly to, weaknesses in corporate governance. This note draws on guidelines recently published by the OECD and the Basel Committee for Banking Supervision to compile a comprehensive corporate governance evaluation framework relevant to state-owned commercial and development finance institutions. It highlights aspects of this framework that are considered to be of particular importance to state financial institutions by citing innovative practices in a number of countries. Finally, it presents a detailed case study of the governance arrangements in place at the Development Bank of Southern Africa.

Where Were the Directors?

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
76.27%
The credit crisis has caused a cataclysm in corporate governance circles. Distinguished professors, leaders of industry, regulators, legislators and blue ribbon panels around the world are examining everything from bank regulation to how individuals relate to society. There are more "big ideas" floating around than ever. Most, of course, will come into the world with a bang, only to be forgotten equally quickly. Into this unsettled, shifting landscape, David Beatty takes a different approach. Rather than one big idea, Beatty proposes a series of concrete, common-sense methods to improve the effectiveness of Boards of Directors. These are improvements born of the current context, but which seem timeless. Much in the same way that a magician's trick seems obvious once you know how it is done, Beatty's suggestions seem absolutely intuitive once read, yet few boards now practice them. Beatty's prescriptions divide into three parts: 1) equipping boards with adequate expertise to deal with today's complex issues; 2) managing the time of Directors more efficiently so as to allow true strategic planning; and 3) bridging the expertise chasm between Managers and Directors. Those are all long-standing issues...

The Effectiveness of Boards of Directors of State Owned Enterprises in Developing Countries

Vagliasindi, Maria
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
96.33%
This paper aims to shed some new light on the conditions needed to ensure the effectiveness of Boards of Directors of state owned enterprises with a focus on infrastructure sectors. In the case of developing countries, empirical studies have found evidence of positive links between the composition of the Board of Directors and financial performance. Yet the lack of solid theoretical foundations, and in some cases poor data availability, makes the conclusions of most studies weak. Several policy recommendations emerge from the review of the economic literature and evidence from case studies. First, the introduction of a sufficient number of independent directors emerges as an important corporate governance milestone. Empowering them to exercise effective monitoring of management, however, may prove to be a formidable challenge for of state owned enterprises. More attention to board procedures, particularly related to the Board selection and evaluation process, is essential, to produce the necessary insulation of Boards from government interference. Ensuring sufficient continuity of services to directors is particularly crucial to improve corporate governance. In addition...

Behind the boardroom's door: the role and contributions of corporate boards

Simões, Ana Cristina Moreira
Fonte: Instituto Universitário de Lisboa Publicador: Instituto Universitário de Lisboa
Tipo: Tese de Doutorado
Publicado em //2012 Português
Relevância na Pesquisa
66.36%
Tese de doutoramento de Gestão de Empresas/ JEL classification: G34, G39.; Scholars and practitioners widely accept that spectacular corporate failures and the misuse of managerial power significantly contributed to the rising prominence of the subject of corporate governance and the boards of directors. Triggered by shareholder activism and aiming to solve the governance failures, corporate governance reformists, embodying the shareholder primacy model, have attempted to unify corporate governance mechanisms and practices. Formal regulations and policies are necessary, but they are not enough to fully understand effective governance. Scholars recognise that reforms are contributing to increasing the gap between what firms expect boards of directors to do and what they are actually doing, instead of bridging the difference between board role expectations and actual board role reality and, consequently, affecting board performance. Before normalizing the boards of directors, it is needed to describe and before describing it is needed to observe them in action. So far, academicians have not been able to empirically confirm that boardroom reforms will lead to more effective boards and ultimately positively affect corporate performance. As social actors we all have biased views...

A Participação Feminina nos Conselhos de Administração das Empresas Brasileiras: uma análise das características de formação acadêmica e experiência profissional à luz da teoria do capital humano; The Women's Participation in the Board of Directors of Brazilian Companies: an analysis of the academic characteristics and professional experience in the light of human capital theory

Lazzaretti, Kellen; Godoi, Christiane Kleinübing
Fonte: Universidade Federal do Espírito Santo Publicador: Universidade Federal do Espírito Santo
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; Formato: application/pdf
Publicado em 15/04/2013 Português
Relevância na Pesquisa
76.19%
DOI: http://dx.doi.org/10.13071/regec.2317-5087.2012.1.1.4059.159-186 The aim of this study is to analyze the characteristics of academic and professional experience that have contributed to the participation on the  Boards of Directors of Brazilian joint stock companies, in light of human capital theory. The study examined the gender composition of 410 companies listed in 2011 on the BM&FBovespa and the resumes of 158 directors who compose it, using the technique of content analysis. The results showed that 7.3% of seats in the boards are held by women. The analysis of the curriculum vitae  showed that most of these women are graduated, they have diverse professional backgrounds and many have previous experience as board directors in other companies. Despite the investment in human capital held by these women, the main reason for referral to a seat  on the Brazilian boards is the family ties, representing 40% of the total.; DOI: http://dx.doi.org/10.13071/regec.2317-5087.2012.1.1.4059.159-186O objetivo do estudo reside em analisar as características de formação acadêmica e de experiência profissional que contribuem para a participação de mulheres nos Conselhos de Administração (CAs) das empresas brasileiras de capital aberto...